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Supercharge, Don’t Cut: Why Insurers in Singapore Should Empower Insurance Intermediaries

By June 12, 2024No Comments

[This article was generated by Meta AI and has been edited by the Surer team for clarity, readability and context.]

In today’s digital age, it’s tempting to think that cutting out general insurance intermediaries (GIIs) is the way to go. But, hold on to your policy documents, folks! We’re about to make the case for why supercharging GIIs is the way forward.

First, let’s talk stats. According to the General Insurance Association of Singapore (GIA Singapore), GIIs still dominate the market, accounting for over 70% of general insurance premiums. That’s a significant chunk of the pie!

Additionally, a survey by the Life Insurance Association of Singapore (LIA Singapore) found that 80% of customers prefer human interaction when purchasing insurance.

So, why are GIIs still so popular?

For starters, they offer personalised advice and tailored solutions, which are essential for complex insurance products. They also provide a personal touch, empathy, and expertise that customers crave. In fact, research by IBM shows that 71% of customers prefer to work with insurance agents who can provide guidance and advice.

Now, you might be thinking, “But what about digital channels? Can’t we just automate everything?”

While digital platforms are great for simple transactions, they often fall short when it comes to complex decision-making. That’s where GIIs come in – they provide the human touch, empathy, and expertise that customers crave.

By supercharging GIIs, insurers can tap into their strengths while leveraging technology to enhance efficiency and customer experience. Here are some ways to do it:

  • Provide advanced training and tools to enhance GIIs’ product knowledge and digital literacy.
  • Encourage collaboration between GIIs and digital channels to offer a seamless customer experience.
  • Incentivise GIIs to adopt technology and data analytics to better serve customers.
  • Foster a culture of innovation and experimentation, allowing GIIs to test new ideas and approaches.

By empowering GIIs, insurers can:

  • Increase customer satisfaction and loyalty
  • Expand their reach and market share
  • Improve product development and innovation
  • Enhance data-driven decision-making

Cutting out GIIs isn’t the answer.

By supercharging them, insurers in Singapore can unlock the full potential of their businesses, delight their customers, and stay ahead in a rapidly changing market.

So, let’s embrace the human touch and technology – together!

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